NEW DELHI (Reuters) - Kuwait’s Al Arfaj Group plans to build a 600,000 barrels per day oil refinery and a 10 million tonnes a year liquefied natural gas (LNG) terminal in the Indian coastal state of Andhra Pradesh, the state’s chief minister said on Tuesday.
Al Arfaj Holding Co has signed a memorandum of understanding with Andhra’s Economic Development Board for the project, which also includes a petrochemical complex, N Chandrababu Naidu said.
India, which imports about 80 percent of its oil needs, aims to raise its refining capacity by 50 percent in the next seven years to about 7 million barrels per day.
Earlier this month Saudi Aramco said it planned a ‘mega investment’ in refining, petrochemicals and fuel retailing in India.
Reporting by Nidhi Verma; Editing by Greg Mahlich